Investec has upgraded its rating on utilities giant SSE from 'hold' to 'buy' as the group's substantial capital expenditure (capes) begins to 'crystallise'.While the broker has only made minor changes to its forecasts following the recent Capital Markets Day, the target price has increased from 1,226p to 1,479p."After a number of years of lacklustre earnings growth, we are becoming increasingly confident that SSE will deliver improved earnings growth in the current year, and that the ongoing high capex will continue to deliver over the medium term."Peel Hunt has pared its target price for online gaming group bwin.party digital entertainment from 140p to 124p and maintained its 'hold' rating on the stock."The H1 pre-close held few surprises and no real catalyst to get the shares moving. At the current point the rating reflects concerns about Germany and a lack of visibility in many of the group's markets," said analyst Nick Batram. "This is unlikely to change in the short term and further downgrades reflect the uncertain margin environment."Nomura has trimmed some of its forecasts for gaming peer Betfair but has reiterated its 'buy' call on the stock, saying that it remains its 'preferred UK gaming pick'.Only 13% of the group's revenue comes from 'higher risk' markets (Cyprus, Germany and Greece), while 58% is from licensed markets and 29% from lower risk non-licensed markets. Last week, Cyprus restricted peer-to-peer betting which could put 4% of Betfair's core revenue at risk, the broker said."Whilst regulation may have a near-term negative impact (additional taxes, product limitations), it should provide medium-term opportunities for consolidation (as low margin operators exit) and market growth opportunities (exchange licenses in Italy and Spain expected FY13)."BC